Smart Homes Market to Grow by 30% Yearly

In this era where you can do the chores on the click of a button, everything has become easier in its advanced virtual form. And so home technology is also smarter than ever. The ultra-rich who can afford a more convenient lifestyle with the help of technology prefer to live in a home that offers all such advantages. Smart Homes can comprehensively perform all functions of the house integrated to a common interface device which may be a laptop, tablet or even a smartphone. The demand for smart homes is rapidly rising in the market given the conveniently modern lifestyle they offer.

Smart Homes Market to Grow by 30 Percent Yearly

A survey was conducted by AZ Research Partners, Bangalore on behalf of Schneider Electrics India among the buyers as well as builders of premium residential complexes starting from 50 Lakh to 5 Crore and above. The research concluded that the smart homes market in India is going to double in revenue every three years. A year-on-year growth of 30% is expected in the market. The high level of awareness among the people of metros and upper-end segments of tier II cities has led to such tremendous growth in the sector.

The three main features why the upper-end buyers prefer smart homes are:

2- Convenience- What can be more convenient than turning on the air conditioner while on your way so that a cool home greets you during scorching summers! It is because of such conveniences that smart homes are so popular among the HNIs. Since they can easily afford it, s why wouldn’t they enjoy it.

3- Energy Efficiency- People are increasingly becoming aware of the concept of sustainable development. They are willing to contribute towards the protection of nature. Smart homes use renewable sources of energy for the mundane tasks, have a proper waste disposal mechanism and make sure that the home does not lead to increase in any kind of pollution.

In the survey, 100% of the customers of above 5 crore were aware of Smart Homes and the solutions they provide. In the 1-5 Cr segment 87% were aware, in 50 Lakh to 1 Cr segment only 49% were aware and other 28% showed lack of interest, the rest 23% were not aware at all. On an average, 79% of the high-end customers were completely aware of and willing to opt for smart homes. A major fraction of the customers expressed that they knew about smart homes through the builders, others learned via the internet and by visiting high-end hotels, the rest learned through magazines, TV, etc.

Customers sure want to live in smart homes but since it is a huge investment they want to deal with someone they can rely on. Some said that they would like to deal with reputed technology firms that provide such facilities while others said that they would like to deal with their previous builders only.

Smart Homes are still a developing concept in India and seeing the awareness and interests of the people, it can be predicted that smart homes market is going to multiply manifolds in the coming time.